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ICGT Icg Enterprise Trust Plc

1,188.00
-10.00 (-0.83%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Icg Enterprise Trust Plc LSE:ICGT London Ordinary Share GB0003292009 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -10.00 -0.83% 1,188.00 1,190.00 1,196.00 1,204.00 1,188.00 1,204.00 88,767 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 187.81M 164.53M 2.4421 4.90 805.74M

ICG Enterprise Trust Icg Enterprise Trust Plc: Unaudited Interim Results For The Six Months Ended 31 July 2018

04/10/2018 7:00am

UK Regulatory


 
TIDMICGT 
 
 
   4 October 2018 
 
   ICG ENTERPRISE TRUST PLC 
 
   UNAUDITED INTERIM RESULTS 
 
   FOR THE SIX MONTHSED 31 JULY 2018 
 
   PROFIT GROWTH AND EXIT ACTIVITY CONTINUES TO DRIVE STRONG PERFORMANCE 
 
 
   -- NAV per share of 1,026p - total return of 8.1% in the six months 
 
          -- Well ahead of the FTSE-All Share, which returned 5.0% 
 
   -- Strong underlying profit growth and realisations at significant uplifts 
 
          -- 7.9% constant currency return on the investment Portfolio; 10.4% 
             return in Sterling 
 
          -- 14% aggregate LTM1 earnings growth from largest 30 Companies; 47% 
             of the portfolio 
 
          -- Realisations at 31% uplift; 2.3x multiple of cost 
 
          -- Highly cash generative Portfolio - GBP85m of proceeds received 
 
   -- Continued focus on deploying capital into highly defensive businesses 
 
          -- GBP76m of new investments made; 61% of capital deployed into high 
             conviction assets of ICG funds, co-investments and secondary fund 
             investments 
 
          -- Four co-investments and one secondary investment completed 
 
          -- High conviction investments now 44% of the Portfolio; weighted 
             towards largest 30 Companies 
 
   -- Six new primary commitments 
 
          -- GBP102m of new commitments to six funds 
 
          -- Two new US relationships - The Jordan Company and Tailwind Capital 
 
   -- Strategic benefits of the scale and resources of ICG's global platform 
      continue to add significant value 
 
          -- GBP20m of co-investment alongside ICG; ICG managed investments 
             represent 22% of the Portfolio 
 
          -- Proprietary opportunities sourced through the ICG network are 
             proving to be particularly attractive 
 
          -- Portfolio more geographically diverse; US exposure 24% of the 
             Portfolio 
 
   -- Portfolio well-positioned to continue to generate significant shareholder 
      value 
 
          -- High quality Portfolio with strong underlying profit growth 
 
          -- Weighted towards companies that primarily have non-cyclical growth 
             drivers 
 
          -- Attractive and well-balanced maturity; balancing near term 
             realisation prospects and medium-longer term growth 
 
   -- Quarterly dividend of 5p per share 
 
          -- Total dividends for Q1 and Q2 of 10p per share 
 
   -- Continued short, medium and long-term outperformance of public markets 
 
 
 
 
Performance to 
31 July 2018            6 months   1 year     3 year     5 year    10(2) year 
---------------   --------------  ---------  ---------  ---------  ---------- 
Net asset value per 
 share (total 
 return)                +8.1%     +11.9%     +55.4%     +66.8%     +126.4% 
Share price (total 
 return)                +5.5%     +17.3%     +55.4%     +97.3%     +142.2% 
FTSE All-Share Index 
 (total return)         +5.0%      +9.2%     +30.2%     +44.9%     +113.9% 
 
 
   Emma Osborne, ICG, commented: 
 
   "The Portfolio continues to deliver, with underlying profit growth and 
realisation activity driving strong returns. As our managers continue to 
take advantage of the favourable environment to sell companies, we 
remain disciplined and selective when deploying capital, focusing on 
defensive companies in sectors with non-cyclical growth drivers, such as 
education and healthcare. 
 
 
 
   "We have a high quality Portfolio, a strong pipeline of opportunities 
and we believe the Portfolio is well-positioned to continue to generate 
significant shareholder value." 
 
   Enquiries 
 
   Analyst / Investor enquiries: 
 
   Emma Osborne, Portfolio Manager, ICG                                                             +44 (0) 20 3201 7700 
 
 
   Ian Stanlake, Head of Finance and Investor Relations, ICG 
+44 (0) 20 3201 7700 
 
   Media 
 
   Alicia Wyllie, Co-Head of Corporate Communications, ICG 
+44 (0) 20 3201 7917 
 
   Vikki Kosmalska, Associate Partner, Maitland AMO 
+44 (0) 20 7379 5151 
 
   Financials 
 
 
 
 
                                   Six months to/as at  12 months to/as at 
                                          31 July 2018     31 January 2018 
NAV per share                                   1,026p                959p 
NAV total return                                  8.1%               12.5% 
Sterling return on investment 
 Portfolio                                       10.4%               15.3% 
Constant currency return on 
 investment Portfolio                             7.9%               16.4% 
Realisations                                    GBP85m             GBP227m 
Cash proceeds as a % of opening 
 portfolio value                                   14%                 37% 
Realisations -- uplift to 
 carrying value                                    31%                 40% 
Realisations -- multiple of cost                  2.3x                2.7x 
Capital deployed                                GBP76m             GBP142m 
% of Capital deployed into high 
 conviction companies                              61%                 42% 
High conviction investments as a 
 % of the Portfolio                                44%                 42% 
New primary fund commitments                   GBP102m             GBP110m 
Dividend                                           10p                 21p 
 
 
   Notes 
 
   We assess performance using a variety of measures that are not 
specifically defined under IFRS and are therefore termed as Alternative 
Performance Measures ("APMs"). APMs have been used if considered by the 
Board and the Manager to be the most relevant basis for shareholders in 
assessing the overall performance of the Company, and for comparing the 
performance of the Company to its peers and its previously reported 
results. The Portfolio is an APM and is defined as the aggregate of the 
investment portfolios of the Company and of its subsidiary limited 
partnerships. The Glossary includes further details of APMs and 
reconciliations to IFRS measures, where appropriate. The rationale for 
the APMs is discussed in detail in the Manager's Review. 
 
   In the Chairman's Foreword, Manager's Review and Supplementary 
Information, all performance figures are stated on a total return basis 
(i.e. including the effect of re-invested dividends). 
 
   ICG Alternative Investment Limited, a regulated subsidiary of 
Intermediate Capital Group plc, acts as the Manager of the Company. 
 
   Disclaimer 
 
   This report may contain forward looking statements. These statements 
have been made by the Directors in good faith based on the information 
available to them up to the time of their approval of this report and 
should be treated with caution due to the inherent uncertainties, 
including both economic and business risk factors, underlying such 
forward looking information. 
 
   These written materials are not an offer of securities for sale in the 
United States. Securities may not be offered or sold in the United 
States absent registration under the US Securities Act of 1933, as 
amended, or an exemption therefrom. The issuer has not and does not 
intend to register any securities under the US Securities Act of 1933, 
as amended, and does not intend to offer any securities to the public in 
the United States. No money, securities or other consideration from any 
person inside the United States is being solicited and, if sent in 
response to the information contained in these written materials, will 
not be accepted. This report contains information which, prior to this 
announcement, was inside information. 
 
   Chairman's Foreword(3) 
 
   I am delighted to report another period of strong performance, with net 
assets increasing from GBP664m to GBP711m or 1,026p per share, a total 
return of 8.1% over the six months(4) , well ahead of the FTSE All-Share, 
which returned 5.0%. 
 
   Our high-quality Portfolio continues to deliver strong underlying profit 
growth and realisations at significant uplifts. The Portfolio remains 
highly cash generative, with GBP85m of proceeds received in the six 
months. In an environment of increasing geopolitical uncertainty and 
where pricing for new investments is high, the investment team remain 
cautious in deploying capital, focusing on high quality defensive 
businesses. New investments totalled GBP76m with 61% of capital deployed 
into high conviction companies, taking advantage of third party 
co-investment opportunities and the proprietary deal flow from ICG. 
 
   We know that a reliable source of income is an important consideration 
for shareholders so last year we committed to a progressive annual 
dividend policy and quarterly payments. In line with this policy, a 
quarterly dividend of 5p was paid on 7 September 2018 and a further 
quarterly dividend of 5p will be paid on 7 December 2018. 
 
   We continue to make progress against our strategic goals, benefitting 
from the scale and resources of ICG's global platform. Our 
differentiated portfolio and highly selective investment approach have 
created significant shareholder value over multiple cycles. Both the 
share price and NAV growth continue to outperform the FTSE All-share 
over the short, medium and long term and we believe your Company is well 
positioned to continue to deliver strong returns for shareholders. 
 
   Jeremy Tigue 
 
   Chairman 
 
 
 
 
 
   3 October 2018 
 
   Manager's Review 
 
   Strategy overview 
 
   Our strategy balances high conviction investments with a diversified 
portfolio of third party funds 
 
   We focus on the buyout segment of the private equity market, in which 
target companies are almost invariably established, profitable and cash 
generative, which we believe will generate the most consistently strong 
returns. 
 
   We invest in companies managed by ICG and other leading private equity 
managers, in both cases through specialist funds as well as directly. 
This approach allows us to proactively increase exposure to companies 
that we have a high conviction will outperform, enabling us to strike 
the right balance between concentration and diversification. While 
diversification at both the manager and company level reduces risk, 
concentration in our high conviction investments enhances returns and 
allows individual winners to make a difference to performance. 
 
   Portfolio of leading private equity funds provides a base of strong 
diversified returns 
 
   Our third-party funds portfolio makes up 56% of the Portfolio and 
underpins our strategy providing a base of strong diversified returns 
and deal flow for the third-party direct co-investments and secondary 
investments in our high conviction portfolio. 
 
   The underlying funds have a bias to mid-market and large-cap European 
and US private equity managers and over the last five years this 
portfolio has generated a constant currency return of 13% p.a. 
 
   High conviction portfolio of actively sourced investments enhance 
returns 
 
   Our high conviction portfolio includes investments managed directly by 
the four ICG investment teams that we partner with as well as our third 
party co-investments and secondary funds.  The common theme in our high 
conviction portfolio is that we have selected the underlying companies 
and this approach is in contrast to a conventional fund of funds in 
which the third party managers make all the underlying investment 
decisions. 
 
   Our high conviction portfolio is weighted towards investments in our 30 
largest underlying companies and has generated a constant currency 
return of 18% p.a. over the last five years. We have a strategic goal of 
increasing the weighting to these investments to 50% - 60% of the 
Portfolio. 
 
   Portfolio overview 
 
   The Portfolio has investments in 84 funds, managed by 38 leading private 
equity managers and at 31 July 2018, was valued at GBP654m (31 Jan 18: 
GBP601m), of which third party funds were valued at GBP367m of the 
Portfolio (31 Jan 18: GBP349m), with high conviction investments valued 
at GBP287m (31 Jan 18: GBP252m). 
 
 
 
 
                                          31 July 
                                            2018       31 January 2018 
Investment category                    % of portfolio  % of portfolio 
------------------------------------   --------------  --------------- 
High conviction investments 
 ICG managed investments                      22              18 
Third party co-investments                         17               17 
Third party secondary investments                   5                7 
Total High conviction investments                  44               42 
Third party funds' portfolio 
 Graphite Capital primary funds                    14               15 
Third party primary funds                          42               43 
 Total diversified fund investments                56               58 
------------------------------------   --------------  --------------- 
Total                                             100              100 
-------------------------------------  --------------  --------------- 
 
 
   Performance overview 
 
   Operating performance and realisation activity continue to drive strong 
returns 
 
   Strong operating performance and realisations at significant uplifts to 
carrying value have generated a constant currency return of 7.9% during 
the six months, or 10.4% in Sterling, further extending the average 
14.8% p.a. constant currency growth that the Portfolio has generated 
over the last five years. Almost a quarter of the underlying Portfolio 
gain in the six months came from exit activity. 
 
 
 
 
                                                               Six months    Year ended 
Movement in the portfolio                                      to 31 July    31 January 
GBPm                                                             2018          2018 
------------------------------------------------------  --- 
Opening Portfolio*                                              600.7         594.4 
 Third-party funds portfolio drawdowns                           29.8          82.3 
 High conviction investments -- ICG funds, secondary 
 investments and co-investments                                  46.7          59.6 
Total new investment                                             76.5         141.9 
Realisation Proceeds                                            (84.9)       (226.6) 
Net cash (inflow)/outflow                                        (8.4)        (84.7) 
Underlying Valuation Movement**                                  47.5          97.7 
Currency movement                                                14.7          (6.7) 
Closing Portfolio*                                              654.5         600.7 
                                                             --------      -------- 
% underlying Portfolio growth (local currency)                    7.9%         16.4% 
% currency movement                                               2.5%         (1.1%) 
% underlying Portfolio growth (Sterling)                         10.4%         15.3% 
 
* Refer to the Glossary for reconciliation to the 
 portfolio balance presented in the unaudited results. 
** 94% of the Portfolio is valued using 30 June 2018 
 (or later) valuations (31 Jan 18: 94%). 
 
 
   High quality portfolio with top 30 companies reporting double digit 
earnings and revenue growth 
 
   Our largest 30 underlying companies, which represent 47% of the 
Portfolio by value (31 Jan 18: 47%) and are dominated by our high 
conviction companies, continue to perform well, reporting aggregate LTM 
earnings growth of 14% and revenue growth of 13%. It is particularly 
encouraging that around a third of these companies are generating LTM 
earnings growth in excess of 20%, driven by both organic growth and M&A 
activity. Over the six months, valuation multiples increased marginally 
to 10.8x from 10.6x, a reflection of the change of mix and weightings in 
the largest 30 underlying companies rather than an increase in aggregate 
multiples overall. The net debt/EBITDA ratio has fallen marginally from 
4.2x to 4.0x. As we look across the Portfolio, the growth and valuation 
trends are similar. 
 
   Realisation activity(5) 
 
   Continued strong realisation activity at significant uplifts to carrying 
value and cost 
 
   The Portfolio remains highly cash generative. After record realisations 
in the year to 31 January 2018, our underlying managers continued to 
take advantage of the favourable exit environment generating proceeds of 
GBP85m, or 14% of the opening Portfolio value, in the six months to 31 
July 2018. 
 
   The sales of 34 companies were completed at an average uplift of 31%(6) 
to the previous carrying value, which is broadly in line with the 
average uplift over the preceding five years.  The average return 
multiple of 2.3x cost was in-line with the average of 2.2x(7) over the 
last five financial years, reflecting a number of highly successful 
investments realised in the period with almost half by number being sold 
for more than 2.5x cost. 
 
   Four of the largest 30 underlying companies were realised:  The Laine 
Pub Company and Swiss Education Group, high conviction co-investments 
managed by Graphite Capital and Invision Capital respectively, as well 
as CeramTec and TMF from our third party funds portfolio, including a 
secondary investment in the latter company. 
 
   New investment activity 
 
   Selective investment into high conviction opportunities 
 
   We continue to be selective in our investment approach and, with a focus 
on the highest quality defensive businesses, we completed four 
co-investments and one small secondary in the six months.  These, 
together with investments made by ICG funds, drove high conviction 
investments to 61% of the GBP76m of capital deployed, up from 42% in the 
year to January 2018.  This increase in high conviction investments was 
primarily driven by an increase in investments sourced through the ICG 
network which accounted for 46% of new investment, as the strategic 
benefits of the move to ICG in 2016 continue to add value. The larger 
investments made in the period were: 
 
 
   -- Minimax (a global provider of fire protection systems and services), 
      alongside ICG Europe, in which we invested GBP12m.  ICG has a 12 year 
      history with this business and is the sole institutional equity provider 
      in the most recent management buyout transaction. 
 
   -- PSB Academy (one of the largest tertiary education institutions in Asia) 
      alongside ICG Asia Pacific, in which we co-invested GBP7m, increasing our 
      total investment in this company to GBP8m. 
 
   -- Endeavor Schools (a US schools operator) alongside education investment 
      specialist Leeds Private Equity, in which we invested GBP8m. 
 
   -- Abode Healthcare (a provider of hospice and home health services in the 
      US), GBP5m investment alongside US mid-market manager Tailwind Capital. 
 
 
   All of these businesses have highly defensive business models, with 
demonstrated resilience to economic cycles and high cash flow conversion, 
as well as strong growth drivers and clear value creation plans. 
Additionally, the two ICG co-investments feature a combination of 
subordinated debt and equity investments giving an element of structural 
downside protection.  On a blended basis these investments are targeting 
returns in line with our usual equity investments, but the subordinated 
debt element significantly reduces the overall risk.  This is a feature 
of the vast majority of our investments with both the ICG Europe and ICG 
Asia Pacific strategies. 
 
   Six new commitments to both existing and new manager relationships 
 
   We completed four new third party fund commitments and committed to two 
ICG managed funds resulting in a total of GBP102m(8) of new primary fund 
commitments in the six months. Of the four new third party fund 
commitments, two are to European managers we have invested with for many 
years (Graphite Capital (GBP30m) and Bain Capital Europe (EUR8m)), and 
two new US managers were added to the Portfolio (The Jordan Company and 
Tailwind Capital). 
 
   The commitment to Graphite IX continues our strong relationship with our 
former manager, Graphite Capital. The fund builds on Graphite's more 
than 30 year successful track record of investing in mid-market buyouts 
in the UK, and held a final close at GBP470m which was in line with both 
its target and the predecessor fund. 
 
   ICG's latest European fund, ICG Europe VII, closed EUR3.7bn of 
commitments in May 2018. This strategy invests in subordinated debt and 
equity in European buyouts, usually with ICG as the sole institutional 
investor. The fund targets gross annualised returns of 15%-20% with low 
downside risk and its first investment, Minimax, was also a 
co-investment in the six months.  We have invested successfully in this 
strategy for almost 30 years and our EUR40m commitment to ICG Europe VII 
takes the total exposure to this strategy to GBP143m (including undrawn 
commitments). 
 
   We also committed $10m to the latest ICG US mezzanine fund, North 
American Private Debt II, which raised $1.35bn. This fund invests in 
subordinated debt and equity of US private equity-backed mid-market 
companies, targeting gross annualised returns of 13%-17% with low 
downside risk. The commitment is consistent with two of our strategic 
objectives of increasing exposure to the US market and to in-house 
strategies that fit our investment criteria. We also expect it to 
broaden and deepen our US middle market third-party manager 
relationships. 
 
   Commitments to The Jordan Company and Tailwind Capital, of $15m each, 
further increase our focus on the US mid-market.  Both of these managers 
have long track records of investing and adding value through cycles. 
Tailwind has already generated an attractive co-investment in Abode 
Healthcare and we expect both funds will generate additional high 
conviction investments. 
 
   Portfolio analysis(9) 
 
   Focus on mid-market and large companies 
 
   The Portfolio is biased towards the mid-market (48%) and large deals 
(44%), which we view as more defensive than smaller deals, benefiting 
from experienced management teams and often leading market positions. 
 
   Portfolio becoming more geographically diverse 
 
   The Portfolio is focused on developed private equity markets: primarily 
continental Europe (40%), the UK (32%) and the US (24%), with almost no 
emerging markets exposure. In line with one of our strategic objectives, 
our weighting to the US has increased from 14% at the time of the move 
to ICG in 2016 and we have a target to increase the US focus to 30% -- 
40% of the Portfolio. Over the same period, the UK bias has reduced from 
45%. We expect both of these trends to gather pace as the benefits of 
being part of ICG's global alternative asset manager platform are 
further realised. 
 
   Sector bias towards sectors with non-cyclical growth drivers 
 
   The Portfolio is weighted towards sectors that primarily have 
non-cyclical growth drivers, such as demographics, with 24% of the 
Portfolio invested in healthcare and education and 15% in business 
services. The remainder of the portfolio is broadly spread across the 
industrial (19%), consumer goods and services (15%), leisure (10%) and 
TMT (10%) sectors. 
 
   Attractive and well-balanced vintage year exposure 
 
   The Portfolio's maturity profile balances near-term realisation 
prospects with a strong pipeline of medium to longer-term growth. 
Investments completed in 2014 or earlier, which are more likely to 
generate gains from realisations in the shorter-term, represent 37% of 
the Portfolio. Against this, 63% of value is in investments made in 2015 
or later, providing the Portfolio with medium to longer term growth 
potential as value created within these businesses translates into 
gains. 
 
   Balance sheet and financing 
 
   Strong balance sheet and positive financing outlook 
 
   With the portfolio generating a net cash inflow of GBP8m, and after 
allowing for dividends and expenses, cash fell marginally from GBP78m to 
GBP72m in the half year. 
 
   Undrawn commitments of GBP394m provide the Company with a robust 
medium-term investment pipeline. With total liquidity of GBP177m, 
including the undrawn bank facility, commitments therefore exceeded 
liquidity by 30% of net asset value. 
 
 
 
 
GBPm                                              31 July 2018     31 Jan 2018 
-----------------------------------------------  --------------  ------------- 
Portfolio*                                            654             601 
Cash                                                   72              78 
Net obligations*                                      (15)            (15) 
----------------------------------------------- 
Net assets                                            711             664 
----------------------------------------------- 
* Refer to the Glossary for reconciliation to the 
 portfolio balance presented in the unaudited results 
 and definition of net obligations. 
 
Outstanding commitments                               394             321 
Total available liquidity (including facility)       (177)           (182) 
Overcommitment (including facility)                   217             139 
Overcommitment % of net asset value                    30%             21% 
 
 
   Commitments are typically drawn down over a period of four to five years 
with approximately 10%--15% retained at the end of the investment period 
to fund follow-on investments and expenses. If outstanding commitments 
were to follow a linear investment pace to the end of their respective 
remaining investment periods, we estimate that approximately GBP90m 
would be called over the next 12 months. This leaves significant 
available capital for high conviction investments over and above those 
that will be made by our underlying funds. 
 
   In managing the Company's balance sheet our objective is to be broadly 
fully invested through the cycle while ensuring that we have sufficient 
liquidity to be able to take advantage of attractive investment 
opportunities as they arise. We do not intend to be geared other than, 
potentially, for short-term working capital purposes. 
 
   Outlook 
 
   Continued investment activity and a strong pipeline of new opportunities 
 
   Since the period end, the Portfolio has continued to benefit from the 
favourable exit environment, with GBP19m of proceeds received in the two 
months to 30 September 2018. Against this, we have paid GBP16m of 
capital calls and completed a GBP12m secondary in Jordan Resolute Fund 
II. We have a strong pipeline of further opportunities for the remainder 
of the year, both new funds and high conviction investments. 
 
   Portfolio well positioned to generate significant shareholder value 
 
   We have a high quality Portfolio with strong underlying profit growth 
and realisation activity continuing to drive performance. Against the 
current backdrop of high valuations for new investments and continuing 
geopolitical uncertainties, we remain cautious in re-deploying cash 
generated by the Portfolio. Our flexible mandate allows us to adapt the 
mix of new investment to evolving market conditions and where we see the 
best relative value. The proprietary opportunities sourced through the 
ICG network are proving to be particularly attractive and these are 
becoming a more significant part of the portfolio. We believe the 
Portfolio is well positioned to continue to generate shareholder value. 
 
   ICG Private Equity Funds Investment Team 
 
   Principal risks and uncertainties 
 
   The principal risks and uncertainties associated with the Company's 
business can be divided into the following areas: 
 
 
   -- Investment performance; 
 
   -- Valuation; 
 
   -- Political and macroeconomic uncertainty; 
 
   -- Private equity sector; 
 
   -- Regulatory, legislative and taxation compliance; 
 
   -- People; 
 
   -- The Manager and other third party advisers; 
 
   -- Information security; 
 
   -- Foreign exchange; and 
 
   -- Financing. 
 
 
   The principal risks and uncertainties facing the Company for the second 
half of the financial year are substantially the same as those disclosed 
in the Strategic Report and in the notes to the Financial Statements in 
the Company's latest Annual Report for the year ended 31 January 2018. 
 
   Supplementary information 
 
   This section presents unaudited supplementary information regarding the 
Portfolio (see Manager's Review and the Glossary for further details and 
definitions). 
 
   The 30 largest underlying companies 
 
   The table below presents the 30 companies in which ICG Enterprise had 
the largest investments by value at 31 July 2018. These investments may 
be held directly or through funds, or in some cases in both ways. The 
valuations are gross and are shown as a percentage of the total 
investment Portfolio. 
 
 
 
 
                                                                                        Year of                  Value as a % 
     Company                                                               Manager   investment       Country    of Portfolio 
     ------------------------------------------------------------  ---------------  -----------  ------------  -------------- 
  1  DomusVi+ 
 Operator of retirement homes                                              ICG         2017            France   3.2% 
  2  City & County Healthcare Group 
                                                                      Graphite 
 Provider of home care services                                        Capital         2013                UK   3.2% 
  3  Visma+ 
 Provider of accounting software and accounting outsourcing 
  services                                                        Cinven & ICG  2014 & 2017            Europe   2.6% 
  4  Minimax+^ 
 Supplier of fire protection systems and services                          ICG         2018           Germany   2.5% 
  5  David Lloyd Leisure+ 
 Operator of premium health clubs                                  TDR Capital         2013                UK   2.3% 
  6  Roompot+ 
 Operator and developer of holiday parks                          PAI Partners         2016       Netherlands   2.0% 
  7  Froneri+^ 
 Manufacturer and distributor of ice cream products               PAI Partners         2013                UK   1.9% 
  8  nGAGE 
                                                                      Graphite 
 Provider of recruitment services                                      Capital         2014                UK   1.9% 
  9  Ceridian+ 
                                                                  Thomas H Lee 
 Provider of payment processing services                              Partners         2007               USA   1.8% 
 10  Education Personnel+^ 
 Provider of temporary staff for the education sector                      ICG         2014                UK   1.8% 
 11  Gerflor^ 
 Manufacturer of vinyl flooring                                            ICG         2011            France   1.8% 
 12  Yudo+ 
 Designer and manufacturer of hot runner systems                           ICG         2018       South Korea   1.6% 
 13  ICR Group 
 Provider of repair and maintenance services to the                   Graphite 
  energy industry                                                      Capital         2014                UK   1.6% 
 14  PetSmart+ 
 Retailer of pet products and services                             BC Partners         2015               USA   1.6% 
 15  Cambium^ 
 Provider of educational solutions and services                            ICG         2016               USA   1.6% 
 16  System One+ 
                                                                  Thomas H Lee 
 Provider of specialty workforce solutions                            Partners         2016               USA   1.5% 
 17  Frontier Medical+ 
 Manufacturer of medical devices                                Kester Capital         2013                UK   1.5% 
 18  Beck & Pollitzer 
 Provider of industrial machinery installation and                    Graphite 
  relocation                                                           Capital         2016                UK   1.5% 
 19  Skillsoft+ 
 Provider of off the shelf e-learning content                     Charterhouse         2014               USA   1.4% 
 20  PSB Academy+ 
 Provider of private tertiary education                                    ICG         2018         Singapore   1.3% 
 21  Endeavor Schools+ 
                                                                  Leeds Equity 
 Operator of schools                                                  Partners         2018               USA   1.2% 
 22  YSC 
 Provider of leadership consulting and management assessment          Graphite 
  services                                                             Capital         2017                UK   1.0% 
 23  New World Trading Company 
                                                                      Graphite 
 Operator of distinctive pub restaurants                               Capital         2016                UK   1.0% 
 24  U-POL^ 
 Manufacturer and distributor of automotive refinishing               Graphite 
  products                                                             Capital         2010                UK   0.9% 
 25  Cognito+ 
                                                                      Graphite 
 Supplier of communications equipment, software & services             Capital         2002                UK   0.9% 
 26  Compass Community 
 Provider of fostering services and children residential              Graphite 
  care                                                                 Capital         2017                UK   0.8% 
 27  Abode Healthcare+ 
                                                                      Tailwind 
 Provider of hospice and healthcare                                    Capital         2018               USA   0.8% 
 28  Random42 
                                                                      Graphite 
 Provider of medical animation and digital media services              Capital         2017                UK   0.8% 
 29  Odgers+ 
                                                                      Graphite 
 Provider of recruitment services                                      Capital         2009                UK   0.6% 
 30  Syneos Health 
                                                                 Advent/Thomas 
                                                                         H Lee 
 Provider of commercial solutions for healthcare companies            Partners         2016               USA   0.6% 
 -------------------------------------------------------------  --------------               ---------------- 
 Total of the 30 largest underlying investments                                                                47.2% 
 -------------------------------------------------------------    ------------------------------------------- 
 
 All or part of this investment is held directly as 
  a co-investment or other direct investment. 
 ^ All or part of this investment was acquired as part 
  of a secondary purchase. 
 
   The 30 largest fund investments 
 
   The table below presents the 30 largest funds by value at 31 July 2018. 
The valuations are net of any carried interest provision. 
 
 
 
 
                                                                                     Outstanding 
                                                                              Value  commitment 
     Fund                        Year of commitment      Country/ region       GBPm     GBPm 
     -------------------------  -------------------  -------------------  ---------  ----------- 
  1  Graphite Capital Partners VIII * 
 Mid-market buyouts                        2013                       UK   78.7             26.6 
  2  ICG Europe VI ** 
 Mezzanine and equity in 
  mid-market buyouts                       2015                   Europe   24.7              2.3 
  3  BC European Capital IX ** 
 Large buyouts                             2011               Europe/USA   19.7              0.7 
  4  CVC European Equity Partners VI 
 Large buyouts                             2013               Europe/USA   15.2              2.3 
  5  One Equity Partners VI 
 Mid-market buyouts                        2016               USA/Europe   13.6              0.6 
  6  CVC European Equity Partners V ** 
 Large buyouts                             2008               Europe/USA   13.4              0.5 
  7  ICG Strategic Secondaries Fund II 
 Secondary fund 
  recapitalisations                        2016               USA/Europe   13.2             12.8 
  8  PAI Europe VI 
 Mid-market and large 
  buyouts                                  2013                   Europe   13.1              3.4 
  9  Graphite Capital Partners VII * / ** 
 Mid-market buyouts                        2007                       UK   12.5              4.7 
 10  Activa Capital Fund III 
 Mid-market buyouts                        2013                   France   11.5              3.9 
 11  Fifth Cinven Fund 
 Large buyouts                             2012                   Europe   11.3              1.2 
 12  ICG Velocity Partners Co-Investor ** 
 Mid-market buyouts                        2016                      USA   11.0              0.9 
     Thomas H Lee Equity Fund 
 13  VII 
 Mid-market and large 
  buyouts                                  2015                      USA   10.3              5.2 
 14  Permira V 
 Large buyouts                             2013               Europe/USA   10.2              1.4 
     Nordic Capital Partners 
 15  VIII 
 Mid-market and large 
  buyouts                                  2013                   Europe    9.9              1.6 
 16  IK VII 
 Mid-market buyouts                        2013                   Europe    8.8              0.4 
 17  ICG Asia Pacific Fund III 
 Mezzanine and equity in 
  mid-market buyouts                       2016             Asia Pacific    8.4              4.5 
 18  ICG Europe V ** 
 Mezzanine and equity in 
  mid-market buyouts                       2012                   Europe    8.4              0.9 
 19  Hollyport Secondary Opportunities V 
 Tail-end secondary 
  portfolios                               2015                   Global    8.2              2.3 
     Bowmark Capital Partners 
 20  V 
 Mid-market buyouts                        2013                       UK    8.0              1.9 
 21  Thomas H Lee Parallel Fund VI 
 Mid and large buyouts                     2007                      USA    7.9              1.0 
 22  Deutsche Beteiligungs Fund VI 
 Mid-market buyouts                        2012                  Germany    7.9              1.0 
 23  TDR Capital III 
 Mid-market and large 
  buyouts                                  2013                   Europe    7.8              3.1 
 24  Gridiron Capital Fund III 
 Mid-market buyouts                        2016                      USA    7.4              5.7 
     Egeria Private Equity 
 25  Fund IV 
 Mid-market buyouts                        2012              Netherlands    7.3              0.5 
     Bowmark Capital Partners 
 26  IV 
 Mid-market buyouts                        2007                       UK    7.1              0.0 
 27  Advent Global Private Equity VIII 
 Large buyouts                             2016               Europe/USA    6.9              6.8 
     ICG European Fund 2006 B 
 28  ** 
 Mezzanine and equity in 
  mid-market buyouts                       2014                   Europe    6.3              2.2 
 29  Bain Capital Europe IV 
 Mid-market buyouts                        2014                   Europe    5.7              2.8 
 30  Silverfleet II 
 Mid-market buyouts                        2014                   Europe    5.6              6.9 
 Total of the largest 30 
  fund investments                                                        380.0            108.1 
 Percentage of total 
  investment Portfolio                                                     58.1% 
 --------------------------  ---------------------------------------                 ----------- 
 * Includes the associated 
  Top Up funds. 
 ** All or part of an interest acquired through a secondary 
  fund purchase. 
 
 
   Portfolio analysis 
 
   Closing Portfolio by value at 31 July 2018 
 
 
 
 
 
                                    31 July             31 January 
                                      2018                    2018 
                                  % of value of      % of value of 
                                   underlying           underlying 
Portfolio by investment type       investments         investments 
-----------------------------   ----------------  ---------------- 
Mid-market buyouts                    48.4%             48.1% 
Large buyouts                         43.8%             42.4% 
Small buyouts                          4.7%              8.2% 
Other                                  3.1%              1.3% 
------------------------------ 
Total                                100.0%            100.0% 
------------------------------ 
 
 
 
 
 
 
Portfolio by                             31 July                                               31 January 
calendar year                              2018                                                      2018 
of investment              % of value of underlying investments      % of value of underlying investments 
--------------   ------ 
2018                                     11.8%                                     2.1% 
2017                                     20.1%                                    19.3% 
2016                                     19.6%                                    20.9% 
2015                                     11.3%                                    12.9% 
2014                                     14.2%                                    17.8% 
2013                                     11.4%                                    12.4% 
2012                                      2.9%                                     3.3% 
2011                                      2.0%                                     2.4% 
2010                                      2.0%                                     2.2% 
2009                                      1.1%                                     1.2% 
2008                                      0.4%                                     2.1% 
2007                                      2.0%                                     1.3% 
2006 and before                           1.2%                                     2.1% 
----------------------- 
Total                                   100.0%                                   100.0% 
----------------------- 
 
 
 
 
 
 
                                   31 July                                               31 January 
Portfolio by                         2018                                                      2018 
sector               % of value of underlying investments      % of value of underlying investments 
----------------   ---------------------------------------  --------------------------------------- 
Healthcare and 
 education                          23.5%                                    22.4% 
Industrials                         19.4%                                    17.4% 
Business services                   14.8%                                    15.6% 
Consumer goods 
 and services                       14.8%                                    14.7% 
Leisure                             10.4%                                    12.1% 
TMT                                  9.6%                                    10.2% 
Financials                           4.9%                                     4.9% 
Other                                2.6%                                     2.7% 
Total                              100.0%                                   100.0% 
-----------------  ---------------------   ---------------  --------------------- --------------- 
 
 
 
 
 
 
                                                             31 July             31 January 
                                                               2018                    2018 
                                                           % of value of      % of value of 
Portfolio by geographic distribution based on location      underlying           underlying 
 of company headquarters                                    investments         investments 
Europe                                                      39.7%             40.0% 
UK                                                          32.0%             35.2% 
North America                                               24.0%             21.8% 
Rest of world                                                4.3%              3.0% 
------------------------------------------------------- 
Total                                                      100.0%            100.0% 
------------------------------------------------------- 
 
   Commitments analysis 
 
   The following tables analyse commitments at 31 July 2018. Original 
commitments are translated at 31 July 2018 exchange rates. 
 
   Total undrawn commitments 
 
 
 
 
                        Original    Outstanding     Average 
                        commitment   commitment     drawdown              % of 
                         GBP'000      GBP'000      percentage      commitments 
---------------------  -----------  -----------  -------------  -------------- 
Investment period not 
 commenced                  30,000       30,000       0.0%            7.6% 
Funds in investment 
 period                    545,165      307,269      43.6%           78.0% 
Funds post investment 
 period                    732,667       56,719      92.3%           14.4% 
---------------------  -----------  ----------- 
Total                    1,307,832      393,988      69.9%          100.0% 
---------------------  -----------  ----------- 
 
 
 
 
 
 
Movement in outstanding commitments in 6 months ended 
 31 July 2018                                                   GBPm 
---------------------------------------------------------  --------- 
As at 1 February 2018                                       321.2 
New primary commitments                                     101.7 
New commitments relating to co-investments and secondary 
 purchases                                                    1.6 
Drawdowns                                                   (42.7) 
Currency and other movements                                 12.2 
--------------------------------------------------------- 
As at 31 July 2018                                          394.0 
--------------------------------------------------------- 
 
 
   New commitments during the six months to 31 July 2018 
 
 
 
 
Fund                         Strategy                      Geography       GBPm 
---------------------------  ----------------------------  --------------  ----- 
Primary commitments 
Bain V                       Mid-market buyouts            Europe            7.0 
Graphite IX                  Mid-market buyouts            UK               30.0 
ICG Europe Fund VII          Mid-market buyouts            Europe           34.6 
ICG North American Private   Subordinated debt and 
 Debt Fund II                 mezzanine                    North America     7.4 
Resolute IV                  Mid-market buyouts            USA              11.4 
Tailwind III                 Mid-market buyouts            USA              11.3 
                                                                           ----- 
Total primary commitments                                                  101.7 
Commitments relating to co-investments and secondary 
 investments                                                                 1.6 
Total new commitments                                                      103.3 
                                                                           ===== 
 
 
 
 
 
 
                           31 July  31 July  31 January  31 January 
                             2018     2018      2018        2018 
 Outstanding commitments     GBPm      %        GBPm          % 
-------------------------  -------  -------  ----------  ---------- 
-- Sterling                   89.5     22.7        63.2        19.7 
-- Euro                      194.0     49.2       170.0        52.9 
-- US Dollar                 108.6     27.6        86.1        26.8 
-- Other European              1.9      0.5         1.9         0.6 
-------------------------  -------  -------  ----------  ---------- 
Total                        394.0    100.0       321.2       100.0 
-------------------------  -------  -------  ----------  ---------- 
 
 
   Currency exposure 
 
 
 
 
                   31 July   31 July   31 January  31 January 
                     2018      2018       2018        2018 
Portfolio(1)         GBPm        %        GBPm          % 
-----------------  --------  --------  ----------  ---------- 
Sterling              237.7      36.4       235.8        39.3 
Euro                  185.5      28.3       174.3        29.0 
US Dollar             150.8      23.0       119.6        19.9 
Other European         48.4       7.4        49.8         8.3 
Other                  32.1       4.9        21.2         3.5 
-----------------  --------  --------  ----------  ---------- 
Total                 654.5     100.0       600.7       100.0 
-----------------  --------  --------  ----------  ---------- 
(1) Currency exposure is calculated by reference to 
 the location of the underlying Portfolio companies' 
 headquarters. 
 
 
   Realisation and new investment activity 
 
 
 
 
Largest underlying realisations in the six months 
 to 31 July 2018 
---------------------------------------------------------------------------- 
                              Year of        Realisation 
Investment     Manager        investment     type            Proceeds GBPm 
-------------  -------------  -------------  --------------  ------------- 
The Laine Pub  Graphite 
 Company        Capital       2014           Trade                    10.7 
               Doughty                       Financial 
TMF             Hanson        2008            buyer                    8.3 
Swiss          Invision                      Financial 
 Education      Capital       2015            buyer                    6.5 
Corporate 
 Risk 
 Holdings      ICG            2017           Trade                     4.0 
                                             Financial 
CeramTec       Cinven         2013            buyer                    3.8 
Sky Betting 
 and Gaming    CVC            2015           Trade                     3.7 
                                             Financial 
Ufinet         Cinven         2014            buyer                    3.2 
                                             Financial 
Royal Sanders  Egeria         2015            buyer                    2.8 
                                             Financial 
Intervias      TDR Capital    2014            buyer                    2.7 
Infobase                                     Financial 
 Publishing    ICG            2016            buyer                    2.3 
 
Total of 10 largest underlying realisations                             48.0 
Total realisations                                                      84.9 
 
 
 
 
 
 
Largest underlying new investments in the six months 
 to 31 July 2018 
------------------------------------------------------------------------ 
Investment   Description      Manager        Country        Cost* GBPm 
             Provider of 
              fire 
              protection 
              systems and 
Minimax       services        ICG            Germany              12.2 
Endeavour    Operator of 
 Schools      schools         Leeds Equity   USA                   8.1 
             Operator of 
             tertiary 
PSB          education 
Academy**    institutions     ICG            Singapore           **6.8 
Abode        Provider of      Tailwind 
 Healthcare   hospice care     Capital       USA                   5.2 
             Provider of 
              waste 
              collection and 
              environmental 
GFL           services        BC Partners    Canada                1.5 
             Distributor of 
              gas and 
Naturgy       electricity     CVC            Spain                 1.4 
             Provider of 
              drinks 
              bottling 
Refresco      services        PAI Partners   Netherlands           1.4 
             Provider of 
              personal 
              protective and 
              road safety 
RSEA          equipment       ICG            Australia             1.3 
             Provider of car 
              insurance 
Active        broking 
 Assurances   services        Activa         France                1.2 
             Provider of 
              internet 
              services to 
              student 
Ask4          accommodation   Bowmark        UK                    1.1 
-----------  ---------------  -------------  -------------  ---------- 
Total of 10 largest 
 underlying new investments                                         40.2 
-----------------------------  -------------  ------------  ------------ 
Total new 
 investment                                                         76.5 
* Represents ICG's indirect exposure (share of fund 
 cost) plus any amounts paid for co-investments in 
 the period. 
 ** Represents a new co-investment during the period. 
 PSB Academy was already in the portfolio as at 31 
 January 2018 via a primary holding in ICG Asia Pacific 
 III. 
 
   Interim financial statements 
 
   Income statement 
 
 
 
 
                          Half year to 31 July 2018         Half year to 31 July 2017                 Year to 31 January 2018 
                                  (unaudited)                       (unaudited)                                     (audited) 
                         Revenue     Capital               Revenue     Capital                Revenue     Capital 
                          return      return    Total       return      return    Total        return      return       Total 
                Notes     GBP'000     GBP'000   GBP'000     GBP'000     GBP'000   GBP'000     GBP'000     GBP'000     GBP'000 
 -------------  -----  ------------  --------  --------  ------------  --------  --------  ----------  ----------  ---------- 
 Investment 
 returns 
 Income, gains 
  and losses 
  on 
  investments            5,746        52,121    57,867    16,536        38,588    55,124   22,257      60,124      82,381 
 Deposit 
  interest                  65             -        65        22             -        22       59          --          59 
 Other income                2             -         2         -             -         -       70          --          70 
 Foreign 
  exchange 
  gains and 
  losses                     -         1,364     1,364         -         1,194     1,194       --         826         826 
                         5,813        53,485    59,298    16,558        39,782    56,340   22,386      60,950      83,336 
 
 Expenses 
 Investment 
  management 
  charges           8     (958)       (2,872)   (3,830)     (899)       (2,697)   (3,596)  (1,791)     (5,374)     (7,165) 
 Other 
  expenses              (1,051)         (516)   (1,567)   (1,042)         (541)   (1,583)  (1,659)     (1,075)     (2,734) 
                        (2,009)       (3,388)   (5,397)   (1,941)       (3,238)   (5,179)  (3,450)     (6,449)     (9,899) 
 
 Profit before 
  tax                    3,804        50,097    53,901    14,617        36,544    51,161   18,936      54,501      73,437 
 Taxation                 (341)          341         -    (2,086)        2,086         -   (2,435)      2,294        (141) 
 Profit for 
  the period             3,463        50,438    53,901    12,531        38,630    51,161   16,501      56,795      73,296 
 
 Attributable 
 to: 
                       ------------  --------  --------  ------------  --------  --------  ----------  ----------  ---------- 
 Equity 
  shareholders           3,463        50,438    53,901    12,531        38,630    51,161   16,501      56,795      73,296 
 
 
 
   Basic and diluted earnings per share                                  77.82p                             73.52p                             105.56p 
 
 
   The columns headed 'Total' represent the income statement for the 
relevant financial years and the columns headed 'Revenue return' and 
'Capital return' are supplementary information, in line with the 
Statement of Recommended Practice for Financial Statements of Investment 
Trust Companies and Venture Capital Trusts issued by the Association of 
Investment Companies. There is no Other Comprehensive Income. 
 
   The notes on pages 22 to 26 form an integral part of the interim 
financial statements. 
 
   Balance sheet 
 
 
 
 
                                          31 July       31 July     31 January 
                                            2018          2017         2018 
                                         (unaudited)   (unaudited)   (audited) 
                                 Notes     GBP'000       GBP'000      GBP'000 
-------------------------------  -----  ------------  ------------  ---------- 
Non-current assets 
Investments held at fair value 
Unquoted investments                 7       504,685       482,442     478,362 
Quoted investments                   7         1,719         2,475       1,733 
Subsidiary investments               7       124,941        91,889      96,392 
                                        ------------  ------------  ---------- 
                                             631,345       576,806     576,487 
                                        ------------  ------------  ---------- 
Current assets 
Cash and cash equivalents                     72,116        73,609      78,389 
Receivables                                    7,985         3,276      10,410 
                                        ------------  ------------  ---------- 
                                              80,101        76,885      88,799 
                                        ------------  ------------  ---------- 
 
Current liabilities 
Payables                                         841         3,031         963 
                                        ------------  ------------  ---------- 
 
Net current assets                            79,260        73,854      87,836 
                                        ------------  ------------  ---------- 
Total assets less current 
 liabilities                                 710,605       650,660     664,323 
                                        ------------  ------------  ---------- 
 
Capital and reserves 
Share capital                        5         7,292         7,292       7,292 
Capital redemption reserve                     2,112         2,112       2,112 
Share premium                                 12,936        12,936      12,936 
Capital reserve                              681,176       614,109     630,738 
Revenue reserve                                7,089        14,211      11,245 
                                        ------------  ------------  ---------- 
Total equity                                 710,605       650,660     664,323 
                                        ------------  ------------  ---------- 
 
Net asset value per share                   1,026.0p        936.7p      959.1p 
 (basic and diluted) 
 
 
   The interim financial statements on pages 18 to 26 were approved by the 
Board of Directors on 3 October 2018 and signed on its behalf by: 
 
   Jeremy Tigue 
 
   Director 
 
 
 
 
   3 October 2018 
 
   The notes on pages 22 to 26 form an integral part of the interim 
financial statements. 
 
   Cash flow statement 
 
 
 
 
                               Half year to  Half year to        Year to 
                                  31 July       31 July       31 January 
                                   2018          2017               2018 
                                (unaudited)   (unaudited)      (audited) 
                                  GBP'000       GBP'000          GBP'000 
-----------------------------  ------------  ------------  ------------- 
 Operating activities 
 Sale of portfolio 
  investments                       48,700        77,077      147,888 
 Purchase of portfolio 
  investments                      (49,547)      (42,242)     (99,601) 
 Interest income received 
  from portfolio investments         3,752        12,329       15,967 
 Dividend income received 
  from portfolio investments         2,023         4,185        6,230 
 Other income received                  67            22          129 
 Investment management 
  charges paid                      (3,673)       (3,630)      (7,090) 
 Other expenses paid                  (847)         (805)      (1,456) 
 Net cash inflow from 
  operating activities                 475        46,936       62,067 
 
 Financing activities 
 Bank facility fee                    (381)         (876)      (1,320) 
 Purchase of shares into 
  treasury                              --        (5,207)      (7,810) 
 Equity dividends paid              (7,619)       (6,960)     (13,896) 
 Net cash outflow from 
  financing activities              (8,000)      (13,043)     (23,026) 
 Net (decrease)/ increase in 
  cash and cash equivalents         (7,525)       33,893       39,041 
 
 Cash and cash equivalents at 
  beginning of period               78,389        38,522       38,522 
 Net (decrease) / increase in 
  cash and cash equivalents         (7,525)       33,893       39,041 
 Effect of changes in foreign 
  exchange rates                     1,252         1,194          826 
 Cash and cash equivalents at 
  end of period                     72,116        73,609       78,389 
 
 
   The notes on pages 22 to 26 form an integral part of the interim 
financial statements. 
 
   Statement of changes in equity 
 
 
 
 
                                                                   Capital                                                                                        Total 
                                  Share capital         redemption reserve  Share premium   Capital reserve       Revenue reserve                  shareholders' equity 
                                         GBP000                     GBP000      GBP000               GBP000                GBP000                                GBP000 
--------------------------------  -------------      ---------------------  -------------   ---------------   -------------------    ---------------------------------- 
Half year to 31 July 2018 (unaudited) 
Opening balance at 1 February 
 2018                                     7,292                      2,112         12,936           630,738        11,245                              664,323 
Profit for the period and total 
 comprehensive income                        --                         --             --            50,438         3,463                               53,901 
Dividends paid or approved                   --                         --             --                --        (7,619)                              (7,619) 
Closing balance at 31 July 2018           7,292                      2,112         12,936           681,176         7,089                              710,605 
                                  -------------      ---------------------  -------------   ---------------   -----------  ------    -------------------------  ------- 
 
                                                                   Capital                                                                                        Total 
                                      Share capital     redemption reserve  Share premium    Capital reserve        Revenue reserve                shareholders' equity 
                                             GBP000                 GBP000         GBP000             GBP000                 GBP000                              GBP000 
--------------------------------  -----------------    -------------------  -------------  -----------------    -------------------  ---  ----------------------------- 
Half year to 31 July 2017 (unaudited) 
Opening balance at 1 February 
 2017                                         7,292                  2,112         12,936            581,753                 8,640                     612,733 
Profit for the period and total 
 comprehensive income                            --                     --             --             38,630                12,531                      51,161 
Dividends paid or approved                       --                     --             --                 --                (6,960)                     (6,960) 
Purchase of shares into treasury                 --                     --             --            (6,274)                   --                       (6,274) 
Closing balance at 31 July 2017               7,292                  2,112         12,936           614,109                14,211                      650,660 
 
                                                                   Capital                                                                               Total 
                                      Share capital     redemption reserve  Share premium   Capital reserve       Revenue reserve         shareholders' equity 
                                             GBP000                 GBP000         GBP000            GBP000                GBP000                       GBP000 
--------------------------------  -----------------    -------------------  -------------   ---------------   -------------------    ------------------------- 
Year to 31 January 2018 (audited) 
Opening balance at 1 February 
 2017                                         7,292                  2,112         12,936           581,753                 8,640              612,733 
Profit for the year and total 
 comprehensive income                            --                     --             --            56,795                16,501               73,296 
Dividends paid or approved                       --                     --             --                --               (13,896)             (13,896) 
Purchase of shares into treasury                 --                     --             --            (7,810)                   --               (7,810) 
Closing balance at 31 January 
 2018                                         7,292                  2,112         12,936           630,738                11,245              664,323 
                                  -----------------   --------------------  -------------  ----------------    ------------------    -----------------  ------ 
 
 
   The notes on pages 22 to 26 form an integral part of the interim 
financial statements. 
 
   Notes to the financial statements (unaudited) 
 
   1)      General information 
 
   ICG Enterprise Trust plc ("the Company") is registered in England and 
Wales and domiciled in England. The registered office is Juxon House, 
100 St Paul's Churchyard, London EC4M 8BU. The Company's objective is to 
provide shareholders with long term capital growth through investment in 
unquoted companies, mostly through private equity funds but also 
directly. 
 
   2)     Unaudited interim report 
 
   This interim financial report does not comprise statutory accounts 
within the meaning of section 434 of the Companies Act 2006. Statutory 
accounts for the year to 31 January 2018 were approved by the Board of 
Directors on 25 April 2018 and delivered to the Registrar of Companies. 
The report of the auditors on those accounts was unqualified, did not 
contain an emphasis of matter paragraph and did not contain any 
statements under section 498(2) or (3) of the Companies Act 2006. 
 
   This financial report has not been audited. 
 
   3)     Basis of preparation 
 
   The Company applies International Financial Reporting Standards 
("IFRSs") as adopted by the European Union and the Association of 
Investment Companies Statement of Recommended Practice (issued in 
November 2014 and updated in February 2018 with consequential 
amendments) in preparing its annual financial statements for the year to 
31 January 2018.  The interim financial report, comprising the interim 
financial statements has therefore been prepared in accordance with the 
Disclosure Guidance and Transparency Rules sourcebook of the Financial 
Conduct Authority and with IAS 34 Interim Financial Reporting, as 
adopted by the European Union.  These interim financial statements do 
not include all the information and disclosures required in the annual 
financial statements, and should be read in conjunction with the annual 
financial statements for the year to 31 January 2018. 
 
   The accounting policies applied are consistent with those as described 
in the annual financial statements. The Company has adopted both "IFRS 9 
- Financial Instruments" and "IFRS 15 - Revenue from Contracts with 
Customers" from 1 February 2018 and as detailed in the annual financial 
statements there is no impact on the interim financial statements 
following the adoption of these standards. There were no new key 
judgments required by the directors in applying IFRS 9 and IFRS 15.  The 
Company has considered other new and forthcoming standards (including 
IFRS 16 Leases which will become applicable for periods beginning on or 
after 1 January 2019) and determined there will be no impact on the 
Company. There is only one reportable segment under IFRS 8. 
 
   4)     Dividends 
 
 
 
 
                                                       Half year to  Half year to  Year ended 
                                                          31 July       31 July     31 January 
                                                           2018          2017          2018 
                                                          GBP'000       GBP'000      GBP'000 
-----------------------------------------------------  ------------  ------------  ----------- 
Interim in respect of year ended 31 January: 5.0p 
 (PY: 10.0p) per share                                        3,463             -        6,936 
Final in respect of year ended 31 January: 6.0p (PY: 
 10.0p) per share                                             4,156         6,960        6,960 
                                                       ------------  ------------ 
Total                                                         7,619         6,960       13,896 
                                                       ------------  ------------  ----------- 
 
 
   The Company paid an interim dividend of 5p per share (totalling 
GBP3.463m) in September 2018 in respect of the quarter to 30 April 2018. 
The Board has approved a further interim dividend for the quarter to 31 
July 2018 of 5p per share (totalling GBP3.463m) which will be paid on 7 
December 2018 to shareholders on the register on 16 November 2018. 
 
   5)     Share capital 
 
   At 31 July 2018, 72,913,000 shares had been allocated, called up and 
fully paid. Of this total, the Company held 3,650,945 shares in treasury 
(31 July 2017: 3,450,945 and 31 January 2018: 3,650,945) leaving 
69,262,055 (31 July 2017: 69,462,055 and 31 January 2018: 69,262,055) 
shares outstanding, all of which have equal voting rights. 
 
   Notes to the financial statements (unaudited) 
 
   6)     Earnings per share 
 
 
 
 
                             Half year to  Half year to    Year ended 
                               31 July       31 July 
                                 2018          2017      31 January 2018 
--------------------------   ------------  ------------  --------------- 
Revenue return per 
ordinary share                  5.00p         18.01p         23.76p 
Capital return per 
ordinary share                  72.82p        55.51p         81.80p 
Earnings per ordinary 
share (basic and diluted)       77.82p        73.52p         105.56p 
Weighted average number of 
 shares                        69,262,055    69,585,722       69,435,737 
 
 
   The earnings per share figures are based on the weighted average numbers 
of shares set out above. 
 
   7)     Fair Values estimation 
 
   IFRS 7 requires disclosure of fair value measurements of financial 
instruments categorised according to the following fair value 
measurement hierarchy: 
 
 
   -- Quoted prices (unadjusted) in active markets for identical assets or 
      liabilities (level 1). 
 
   -- Inputs other than quoted prices included within level 1 that are 
      observable for the asset or liability, either directly (that is, as 
      prices) or indirectly (that is, derived from prices) (level 2). 
 
   -- Inputs for the asset or liability that are not based on observable market 
      data (that is, unobservable inputs) (level 3). 
 
 
   The valuation techniques applied to level 1 and level 3 assets are 
described in note 1 of the annual financial statements. No investments 
were categorised as level 2. 
 
   The following tables present the assets that are measured at fair value. 
The Company had no financial liabilities measured at fair value at these 
dates. 
 
 
 
 
                                    Level 1  Level 2  Level 3   Total 
31 July 2018                        GBP'000  GBP'000  GBP'000  GBP'000 
----------------------------------  -------  -------  -------  ------- 
Investments held at fair value 
Unquoted investments -- indirect         --       --  393,539  393,539 
Unquoted investments -- direct           --       --  111,146  111,146 
Quoted investments -- direct          1,719       --       --    1,719 
Subsidiary undertakings                  --       --  124,941  124,941 
                                                               ------- 
Total investments held at fair 
 value                                1,719       --  629,626  631,345 
                                    -------  -------  -------  ------- 
 
 
 
 
 
 
                                      Level 1  Level 2  Level 3   Total 
31 July 2017                          GBP'000  GBP'000  GBP'000  GBP'000 
------------------------------------  -------  -------  -------  ------- 
Investments held at fair value 
Unquoted investments -- indirect           --       --  370,079  370,079 
Unquoted investments -- direct             --       --  112,363  112,363 
Quoted investments -- direct            2,475       --       --    2,475 
Subsidiary undertakings                    --       --   91,889   91,889 
Total investments held at fair value    2,475       --  574,331  576,806 
                                      -------  -------  -------  ------- 
 
 
   Notes to the financial statements (unaudited) 
 
   7)     Fair Values estimation (continued) 
 
 
 
 
                                      Level 1  Level 2  Level 3   Total 
31 January 2018                       GBP'000  GBP'000  GBP'000  GBP'000 
------------------------------------  -------  -------  -------  ------- 
Investments held at fair value 
Unquoted investments -- indirect           --       --  379,921  379,921 
Unquoted investments -- direct             --       --   98,441   98,441 
Quoted investments -- direct            1,733       --       --    1,733 
Subsidiary undertakings                    --       --   96,392   96,392 
Total investments held at fair value    1,733       --  574,754  576,487 
                                      -------  -------  -------  ------- 
 
 
   All unquoted and quoted investments are valued at fair value in 
accordance with IFRS 13. The following tables present the changes in 
level 3 instruments. 
 
 
 
 
                                                       Unquoted investments (indirect) at fair value through    Unquoted investments (direct) at fair value through    Subsidiary 
                                                                           profit or loss                                          profit or loss                     undertakings       Total 
Six months to 31 July 2018 (unaudited)                                        GBP'000                                                 GBP'000                           GBP'000        GBP'000 
----------------------------------------------------  -------------------------------------------------------  -----------------------------------------------------  ------------  ---------- 
Opening balance at 1 February 2018                                        379,921                                                  98,441                                   96,392  574,754 
Additions                                                                  33,474                                                  15,715                                   19,066   68,255 
Disposals                                                                 (52,886)                                                (12,631)                                      --  (65,517) 
Gains and losses recognised in profit or loss                              33,030                                                   9,621                                    9,483   52,134 
                                                                                                                                                                      ------------ 
Closing balance at 31 July 2018                                           393,539                                                 111,146                                  124,941  629,626 
                                                                                                                                                                      ------------ 
Total gains included in income statement for assets 
 held at the end of the period                                             13,659                                                   7,353                                    9,483   30,495 
                                                                                                                                                                      ------------ 
 
 
 
 
 
 
                                                      Unquoted investments (indirect) at fair value through    Unquoted investments (direct) at fair value through    Subsidiary 
                                                                          profit or loss                                          profit or loss                     undertakings       Total 
Six months to 31 July 2017 (unaudited)                                       GBP'000                                                 GBP'000                           GBP'000        GBP'000 
---------------------------------------------------  -------------------------------------------------------  -----------------------------------------------------  ------------  ---------- 
Opening balance at 1 February 2017                                       383,068                                                 108,031                                   80,718  571,817 
Additions                                                                 32,149                                                   9,617                                    6,161   47,927 
Disposals                                                                (73,884)                                                 (9,989)                                      --  (83,873) 
Gains and losses recognised in profit or loss                             28,746                                                   4,704                                    5,010   38,460 
                                                                                                                                                                     ------------ 
Closing balance at 31 July 2017                                          370,079                                                 112,363                                   91,889  574,331 
                                                                                                                                                                     ------------ 
Total (losses)/ gains included in income statement 
 for assets held at the end of the period                                 (1,087)                                                  7,356                                    5,010   11,279 
                                                                                                                                                                     ------------ 
 
 
   Notes to the financial statements (unaudited) 
 
   7)     Fair Values estimation (continued) 
 
 
 
 
                                                          Unquoted investments (indirect) at fair value through    Unquoted investments (direct) at fair value through    Subsidiary 
                                                                              profit or loss                                          profit or loss                     undertakings        Total 
Year to 31 January 2018 (audited)                                                GBP'000                                                 GBP'000                           GBP'000         GBP'000 
-------------------------------------------------------  -------------------------------------------------------  -----------------------------------------------------  ------------  ----------- 
Opening balance at 1 February 2017                                            383,068                                                108,031                                   80,718   571,817 
Additions                                                                      81,122                                                 16,853                                   11,029   109,004 
Disposals                                                                    (128,941)                                               (36,933)                                      --  (165,874) 
Transfer of instrument to level 1                                                  --                                                   (469)                                      --      (469) 
Gains and losses recognised in profit or loss                                  44,672                                                 10,959                                    4,645    60,276 
                                                                                                                                                                         ------------ 
Closing balance at 31 January 2018                                            379,921                                                 98,441                                   96,392   574,754 
                                                                                                                                                                         ------------ 
Total (losses)/ gains for the year included in income 
 statement for assets held at the end of the reporting 
 period                                                                       (53,072)                                                (7,277)                                   4,645   (55,704) 
                                                                                                                                                                         ------------ 
 
 
   1. Related party transactions 
 
 
   The investment management charges of GBP3.8m (31 July 2017: GBP3.6m; 31 
January 2018: GBP7.2m) were paid to ICG Alternative Investment Limited 
(the "Manager"). The Manager is a related party. 
 
   Management fees amounted to 1.11% (31 July 2017: 1.14%; 31 January 2018 
1.12%) of the average net assets in the period. The management fee 
charged by the Manager is unchanged, at 1.4% of the fair value of 
invested assets and 0.5% of outstanding commitments to funds in their 
investment period, in both cases excluding funds managed by Graphite 
Capital Management LLP and ICG. This arrangement ensures management fees 
are not borne twice in respect of its investments in funds managed by 
the Manager. No fee is charged on cash or liquid asset balances. 
 
   The table below sets out the management charges that the Company has 
borne in respect of its investments in funds managed by the Manager on 
an arms-length basis. 
 
 
 
 
                                  Half year to  Half year to  Year ended 
                                    31 July       31 July     31 January 
                                      2018          2017         2018 
                                    GBP'000       GBP'000      GBP'000 
-------------------------------   ------------  ------------  ---------- 
ICG Europe Fund V                           44            55         100 
ICG Europe Fund VI                         122           161         234 
ICG Europe Fund 2006B                       23            26          54 
ICG Strategic Secondaries Fund 
 II                                        155           341         469 
ICG Velocity Partners 
 Co-Investor                                76            81         143 
ICG Asia Pacific III                        29            97         272 
ICG Recovery Fund 2008B                     32            25          59 
ICG Cross Border                            12            --          -- 
ICG Europe Fund VII                        103            --          -- 
                                           596           786       1,331 
                                  ------------  ------------  ---------- 
 
 
   Notes to the financial statements (unaudited) 
 
 
   1. Related party transactions (continued) 
 
 
   Further transactions between the Company and its subsidiaries are shown 
below: 
 
 
 
 
                                                                                             Half 
                                                                                             year 
                                                                            Half year to       to  Year ended 
                                                                                 31 July  31 July  31 January 
                                                                                    2018     2017     2018 
Subsidiary                         Nature of transaction                         GBP'000  GBP'000   GBP'000 
---------------------------------  ------------------------------  ---------------------  -------  ---------- 
ICG Enterprise Trust Limited       (Decrease)/ increase in 
 Partnership                        amounts owed to subsidiaries           (269)            6,383       7,623 
 Income allocated                                                           167             1,140       1,205 
 
ICG Enterprise Trust (2) Limited   Increase in amounts owed 
 Partnership                        to subsidiaries                       3,505             2,303      11,192 
 Income allocated                                                           841             1,021       1,719 
 
ICG Enterprise Trust Co -          Increase in amounts owed by 
 Investment Limited Partnership     subsidiaries                         23,831            15,446      30,441 
 Income allocated                                                            88                 8         426 
                                                   Amounts owed by subsidiaries    Amounts owed to subsidiaries 
                                          31 July         31 July    31 January  31 July  31 July    31 January 
                                             2018            2017          2018     2018     2017          2018 
Subsidiary                                GBP'000         GBP'000       GBP'000  GBP'000  GBP'000       GBP'000 
----------------------------------  -------------  --------------  ------------  -------  -------  ------------ 
ICG Enterprise Trust Limited 
 Partnership                                   --              --            --   36,063   35,092        36,332 
ICG Enterprise Trust (2) Limited 
 Partnership                               39,736          36,939        36,939   20,438    5,247        14,136 
ICG Enterprise Trust Co - 
 Investment Limited Partnership            69,263          30,437        45,432       --       --            -- 
 
 
   Amounts owed by subsidiaries represent funding provided by the Company 
to its subsidiaries to allow them to make investments. The balances will 
be repaid out of proceeds from their portfolios. 
 
   The value of the subsidiaries is shown net of an accrual for the 
interests of the co-investors (ICG and certain of its executives, and, 
in respect of certain historic investments, the executives and connected 
parties of the Graphite Capital, the former manager) in the 
co-investment incentive scheme. As at 31 July 2018, GBP24.4m was accrued 
(31 July 2017:GBP21.6m; 31 January 2018: GBP22.5m), an increase of 
GBP1.8m in the period. During the half year, co-investors invested 
GBP0.3m (period to 31 July 2017: GBP0.2m; year to 31 January 2018: 
GBP0.6m). Payments received by co-investors amounted to GBP2.5m or 2.9% 
of GBP84.9m of proceeds received in the half year (period to 31 July 
2017: GBP3m or 2.5% of GBP117.1m proceeds received; year to 31 January 
2018: GBP6.5m or 2.9% of GBP220.6m proceeds received). 
 
   On 1 August 2018, ICG Europe Fund V exited its investment in Minimax. 
Concurrently, ICG Europe Fund VI and ICG Europe Fund VII acquired a 
holding in Minimax of EUR150m and EUR562.5m respectively. The 
transaction was conducted on an arm's length basis. 
 
   Statement of Directors' Responsibilities 
 
   Statement of Directors' Responsibilities 
 
   The directors confirm that the interim financial statements have been 
prepared in accordance with IAS 34 'Interim Financial Reporting' as 
adopted by the European Union and that the business review includes a 
fair review of the information required by DTR 4.2.7 and DTR 4.2.8, 
namely: 
 
 
   -- an indication of important events that have occurred during the first six 
      months of the financial year and their impact on the interim financial 
      statements, and a description of the principal risks and uncertainties 
      for the remaining six months of the financial year; and 
 
   -- material related-party transactions in the first six months of the 
      financial year and any material changes in the related-party transactions 
      described in the last annual report. 
 
 
   The directors of ICG Enterprise Trust plc are listed in the ICG 
Enterprise Trust plc Annual Report & Accounts for the year ended 31 
January 2018, with the exception of Peter Dicks who stepped down from 
the Board at the AGM on 18 June 2018, and Alastair Bruce who was 
appointed as a Director, following his election at the AGM on 18 June 
2018:  A list of current directors is maintained on the ICG Enterprise 
Trust plc website: 
https://www.globenewswire.com/Tracker?data=-WuRzaKg0PAmwiQQY4Fxm6FjHZDqROVmdkg9J_Uum0upbgwsoWZa7jGsLed1Gc6evMZ8OeyfcfaT_6bFJ6YazzPuhUnWLgya6XfCKfkUYl0qbl8IGrbJoCk1v7ARe828VgvhGNcj6Iiw7zbrLHTQ8zWHWFokwOT0-cWQRAe3N_s= 
http://www.icg-enterprise.co.uk/about-us/the-board. 
 
   Going Concern 
 
   The factors likely to affect the Company's ability to continue as a 
going concern were set out in the Report and Accounts for the year ended 
31 January 2018. As at 31 July 2018, there have been no significant 
changes to these factors. Having reviewed the Company's forecasts and 
other relevant evidence, the directors have a reasonable expectation 
that the Company has adequate resources to continue in operational 
existence for the foreseeable future. Accordingly, they continue to 
adopt the going concern basis in preparing the interim financial 
statements. 
 
   On behalf of the Board 
 
   Jeremy Tigue, Chairman 
 
   3 October 2018 
 
   Independent review report to ICG Enterprise Trust plc 
 
   Report on the interim results 
 
   Our conclusion 
 
   We have reviewed ICG Enterprise Trust plc's interim results (the 
"interim financial statements") in the half-yearly financial report of 
ICG Enterprise Trust plc for the 6 month period ended 31 July 2018. 
Based on our review, nothing has come to our attention that causes us to 
believe that the interim financial statements are not prepared, in all 
material respects, in accordance with International Accounting Standard 
34, 'Interim Financial Reporting', as adopted by the European Union and 
the Disclosure Guidance and Transparency Rules sourcebook of the United 
Kingdom's Financial Conduct Authority. 
 
   What we have reviewed 
 
   The interim financial statements comprise: 
 
 
   -- the Balance Sheet as at 31 July 2018; 
 
   -- the Income Statement for the period then ended; 
 
   -- the Cash Flow Statement for the period then ended; 
 
   -- the Statement of Changes in Equity for the period then ended; and 
 
   -- the explanatory notes to the interim financial statements. 
 
 
   The interim financial statements included in the half-yearly financial 
report have been prepared in accordance with International Accounting 
Standard 34, 'Interim Financial Reporting', as adopted by the European 
Union and the Disclosure Guidance and Transparency Rules sourcebook of 
the United Kingdom's Financial Conduct Authority. 
 
   As disclosed in note 3 to the interim financial statements, the 
financial reporting framework that has been applied in the preparation 
of the full annual financial statements of the Company is applicable law 
and International Financial Reporting Standards (IFRSs) as adopted by 
the European Union. 
 
   Responsibilities for the interim financial statements and the review 
 
   Our responsibilities and those of the directors 
 
   The half-yearly financial report, including the interim financial 
statements, is the responsibility of, and has been approved by, the 
directors. The directors are responsible for preparing the half-yearly 
financial report in accordance with the Disclosure Guidance and 
Transparency Rules sourcebook of the United Kingdom's Financial Conduct 
Authority. 
 
   Our responsibility is to express a conclusion on the interim financial 
statements in the half-yearly financial report based on our review. This 
report, including the conclusion, has been prepared for and only for the 
company for the purpose of complying with the Disclosure Guidance and 
Transparency Rules sourcebook of the United Kingdom's Financial Conduct 
Authority and for no other purpose.  We do not, in giving this 
conclusion, accept or assume responsibility for any other purpose or to 
any other person to whom this report is shown or into whose hands it may 
come save where expressly agreed by our prior consent in writing. 
 
   What a review of interim financial statements involves 
 
   We conducted our review in accordance with International Standard on 
Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial 
Information Performed by the Independent Auditor of the Entity' issued 
by the Auditing Practices Board for use in the United Kingdom. A review 
of interim financial information consists of making enquiries, primarily 
of persons responsible for financial and accounting matters, and 
applying analytical and other review procedures. 
 
   A review is substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing (UK) and, 
consequently, does not enable us to obtain assurance that we would 
become aware of all significant matters that might be identified in an 
audit. Accordingly, we do not express an audit opinion. 
 
   We have read the other information contained in the half-yearly 
financial report and considered whether it contains any apparent 
misstatements or material inconsistencies with the information in the 
interim financial statements. 
 
   PricewaterhouseCoopers LLP 
 
   Chartered Accountants 
 
   London 
 
   3 October 2018 
 
   Glossary 
 
 
 
 
Term            Short     Definition 
                form 
--------------  --------  ---------------------------------------------------------------- 
Alternative     APMs      APMs are a term defined by the European Securities 
Performance                and Markets Authority as "financial measures of historical 
Measures                   or future performance, financial position, or cash 
                           flows, other than a financial measure defined or specified 
                           in the applicable financial reporting framework". 
                           APMs are used in this report if considered by the 
                           Board and the Manager to be the most relevant basis 
                           for shareholders in assessing the overall performance 
                           of the Company and for comparing the performance of 
                           the Company to its peers, taking into account industry 
                           practice. Definitions and reconciliations to IFRS 
                           measures are provided in the main body of the report 
                           or in this Glossary, where appropriate. 
--------------  --------  ---------------------------------------------------------------- 
Buyout funds              Funds that acquire controlling interests in companies 
                           with a view towards later selling those companies 
                           or taking them public. 
--------------  --------  ---------------------------------------------------------------- 
Compound        CAGR      Represents the annual growth rate of an investment 
Annual Growth              over a specified period of time longer than one year. 
Rate 
--------------  --------  ---------------------------------------------------------------- 
Carried                   Equivalent to a performance fee, this represents a 
interest                   share of the profits that will accrue to the underlying 
                           private equity managers, after achievement of an agreed 
                           preferred return. 
--------------  --------  ---------------------------------------------------------------- 
Co-investment             Investments in a single underlying company alongside 
                           a private equity fund. 
--------------  --------  ---------------------------------------------------------------- 
Co-investment             The estimated value of interests in the co-investment 
incentive                  incentive scheme operated by the Company. At both 
scheme                     31 July 2018 and 31 January 2018, the accrual was 
accrual                    estimated as the theoretical value of the interests 
                           if the Portfolio had been sold at its carrying value 
                           at those dates. 
--------------  --------  ---------------------------------------------------------------- 
Commitment                The amount of capital that each limited partner agrees 
                           to contribute to the fund which can be drawn at the 
                           discretion of the general partner. 
--------------  --------  ---------------------------------------------------------------- 
Direct                    Investments in a single underlying company. 
investment 
--------------  --------  ---------------------------------------------------------------- 
Discount                  Arises when the Investment trust shares trade at a 
                           discount to NAV. In this circumstance, the price that 
                           an investor pays or receives for a share would be 
                           less than the value attributable to it by reference 
                           to the underlying assets. The discount is the difference 
                           between the share price and the NAV, expressed as 
                           a percentage of the NAV. For example, if the NAV was 
                           100p and the share price was 90p, the discount would 
                           be 10%. 
--------------  --------  ---------------------------------------------------------------- 
Drawdowns                 Amounts invested by the Company into funds when called 
                           by underlying managers in respect of an existing commitment. 
--------------  --------  ---------------------------------------------------------------- 
Earnings        EBITDA    Stands for earnings before interest, tax, depreciation 
before                     and amortisation, which is a widely used performance 
interest, tax,             measure in the private equity industry. 
depreciation 
and 
amortisation 
--------------  --------  ---------------------------------------------------------------- 
Enterprise      EV        The aggregate value of a company's entire issued share 
value                      capital and net debt. 
--------------  --------  ---------------------------------------------------------------- 
FTSE All-Share            The change in the level of the FTSE All-Share Index, 
Index Total                assuming that dividends are re-invested on the day 
return                     that they are paid. 
--------------  --------  ---------------------------------------------------------------- 
Full                      Exit events (e.g. trade sale, sale by public offering, 
realisations               or sale to a financial buyer) following which the 
                           residual exposure to an underlying company is zero 
                           or immaterial. 
--------------  --------  ---------------------------------------------------------------- 
Funds in                  Funds which are able to make new platform investments 
investment                 under the terms of their fund agreements, usually 
period                     up to five years after the initial commitment. 
--------------  --------  ---------------------------------------------------------------- 
General         GP        The entity managing a private equity fund that has 
Partner                    been established as a limited partnership. This is 
                           commonly referred to as the Manager. 
--------------  --------  ---------------------------------------------------------------- 
Hedging                   An investment technique designed to offset a potential 
                           loss on one investment by purchasing a second investment 
                           that is expected to perform in the opposite way. 
--------------  --------  ---------------------------------------------------------------- 
High                      Co-investments, ICG managed funds and secondary fund 
conviction                 investments. 
--------------  --------  ---------------------------------------------------------------- 
Indirect                  Investments held in a private equity fund structure. 
investments 
--------------  --------  ---------------------------------------------------------------- 
Initial Public  IPO     An offering by a company of its share capital to the 
Offering                 public with a view to seeking an admission of its 
                         shares to a recognised stock exchange. 
--------------  ------  ------------------------------------------------------------------ 
Internal Rate   IRR     The annualised rate of return received by an investor 
of Return                in a fund. It is calculated from cash drawn from and 
                         returned to the investor together with the residual 
                         value of the investment. 
--------------  ------  ------------------------------------------------------------------ 
Last Twelve     LTM     The time frame of the immediately preceding 12 months 
Months                   in reference to a financial metric used to evaluate 
                         the company's performance. 
--------------  ------  ------------------------------------------------------------------ 
Limited         LP      An institution or individual who commits capital to 
Partner                  a private equity fund established as a limited partnership. 
                         These funds are generally protected from legal actions 
                         and any losses beyond the original investment. 
--------------  ------  ------------------------------------------------------------------ 
Limited                 One or more general partners, who have responsibility 
Partnership              for managing the business of the partnership and have 
                         unlimited liability, and one or more limited partners, 
                         who do not participate in the operation of the partnership 
                         and whose liability is ordinarily capped at their 
                         capital and loan contribution to the partnership. 
                         In typical fund structures, the general partner receives 
                         a priority profit share ahead of distributions to 
                         limited partners. 
--------------  ------  ------------------------------------------------------------------ 
Management      MBI     A change of ownership, where an incoming management 
Buyin                    team raises financial backing, normally a mix of equity 
                         and debt, to acquire a business. 
--------------  ------  ------------------------------------------------------------------ 
Management      MBO     A change of ownership, where the incumbent management 
Buyout                   team raises financial backing, normally a mix of equity 
                         and debt, to acquire a business it manages. 
--------------  ------  ------------------------------------------------------------------ 
Net asset       NAV     The value of the Company's assets attributable to 
value per       per      one Ordinary share. It is calculated by dividing 'shareholders' 
share           share    funds' by the total number of Ordinary shares in issue. 
                         Shareholders' funds are calculated by deducting current 
                         and long-term liabilities, and any provision for liabilities 
                         and charges, from the Company's total assets. 
--------------  ------  ------------------------------------------------------------------ 
Net asset               The change in the Company's net asset value per share, 
value per                assuming that dividends are re-invested at the end 
share Total              of the quarter in which the dividend was paid. 
Return 
--------------  ------  ------------------------------------------------------------------ 
Net debt                The total short term and long-term debt in a business, 
                         less cash and cash equivalents. 
--------------  ------  ------------------------------------------------------------------ 
Net                     The net amount due; comprised of receivables, assets 
obligations              due from subsidiaries and co-investment incentive 
                         scheme accrual. 
--------------  ------  ------------------------------------------------------------------ 
Overcommitment          Where private equity fund investors make commitments 
                         exceeding the amount of cash immediately available 
                         for investment. When determining the appropriate level 
                         of overcommitment, careful consideration needs to 
                         be given to the rate at which commitments might be 
                         drawn down, and the rate at which realisations will 
                         generate cash from the existing portfolio to fund 
                         new investment. 
--------------  ------  ------------------------------------------------------------------ 
Portfolio               The aggregate of the investment Portfolios of the 
                         Company and of its subsidiary limited partnerships. 
                         This is consistent with the commentary in previous 
                         annual and interim reports. The Board and the Manager 
                         consider that this is the most relevant basis for 
                         shareholders to assess the overall performance of 
                         the Company and comparison with its peers. 
                         The closest equivalent amount reported on the balance 
                         sheet is "investments at fair value". A reconciliation 
                         of these two measures is presented below. 
--------------  ------  ------------------------------------------------------------------ 
 
 
 
 
 
 
                                             Receivables 
          Investments       Cash held by         from       Co-investment incentive scheme 
GBPm    per balance sheet   subsidiaries     subsidiaries               accrual             Portfolio 
-----  ------------------  --------------  ---------------  ------------------------------  --------- 
31 
 July 
 2018               631.3   (0.2)             (1.0)                                   24.4      654.5 
31 
 Jan 
 2018               576.5     --               1.7                                    22.5      600.7 
 
 
 
 
 
 
Post-crisis       Investments completed in 2009 or later. 
investments 
-----------  ---  --------------------------------------------------------------- 
Pre-crisis        Investments completed in 2008 or before, based on 
investments        the date the original deal was completed, which may 
                   differ from when the Company invested if acquired 
                   through a secondary. 
-----------  ---  --------------------------------------------------------------- 
Preferred         The preferential rate of return on an individual investment 
return             or a portfolio of investments, which is typically 
                   8% per annum. 
-----------  ---  --------------------------------------------------------------- 
Premium           The share price is higher than the NAV and investors 
                   would therefore be paying more than the value attributable 
                   to the shares by reference to the underlying assets. 
-----------  ---  --------------------------------------------------------------- 
Public to    P2P  The purchase of all of a listed company's shares using 
private            a special-purpose vehicle funded with a mixture of 
                   debt and unquoted equity. 
-----------  ---  --------------------------------------------------------------- 
Quoted              Any company whose shares are listed or traded on a 
company              recognised stock exchange. 
-----------  -----  ------------------------------------------------------------- 
Realisation         Amounts received by the Company in respect of the 
proceeds             Portfolio, which may be in the form of capital proceeds 
                     or income such as interest or dividends. 
-----------  -----  ------------------------------------------------------------- 
Secondary           These occur when a Company purchases existing private 
investments          equity fund interests and commitments from an investor 
                     seeking liquidity. 
-----------  -----  ------------------------------------------------------------- 
Share price         The change in the Company's share price, assuming 
Total                that dividends are re-invested on the day that they 
Return               are paid. 
-----------  -----  ------------------------------------------------------------- 
Total               A performance measure that assumes the notional re-investment 
Return               of dividends. This is a measure commonly used by the 
                     listed private equity sector and listed companies 
                     in general. 
                     The tables below set out the share price and the net 
                     asset value per share growth figures for periods of 
                     one, three, five and ten years to the balance sheet 
                     date, on both an unadjusted basis (i.e. without dividends 
                     re-invested) and on a Total Return basis. 
-----------  -----  ------------------------------------------------------------- 
 
 
 
 
 
 
Unadjusted 
performance 
in years to 
31 July 2018   1 year               3 year         5 year     10 year* 
-------------  -------------------  -------------  ---------  ---------- 
Net asset 
 value per 
 share                +9.5%          +46.5%        +50.4%      +97.1% 
Share price          +14.4%          +44.4%        +74.2%     +102.9% 
FTSE 
 All-Share 
 Index                +5.1%          +16.4%        +21.2%      +48.9% 
 
Total return 
performance 
in years to 
31 July 2018        1 year          3 year        5 year        10 year* 
-------------  -----------  --------------  ------------  -------------- 
Net asset 
 value per 
 share          +11.9%       +55.4%         +66.8%            +126.4% 
Share price     +17.3%       +55.4%         +97.3%            +142.2% 
FTSE 
 All-Share 
 Index           +9.2%       +30.2%         +44.9%            +113.9% 
 
  * As the Company changed its year end in 2010, the 
  ten year figures are for the 121 month period to 31 
  July 2018. 
 
 
 
 
 
 
Underlying          The change in the valuation of the Company's Portfolio, 
valuation            before the effect of currency movements. 
movement 
----------------    ---------------------------------------------------------- 
Undrawn             Commitments that have not yet been drawn down (see 
commitments          definition of drawdowns). 
----------------    ---------------------------------------------------------- 
Unquoted company    Any company whose shares are not listed or traded 
                     on a recognised stock exchange. 
----------------    ---------------------------------------------------------- 
Uplift on exit      The increase in gross value relative to the underlying 
                     manager's most recent valuation prior to the announcement 
                     of the disposal. Excludes a small number of investments 
                     that were public throughout the life of the investment. 
                     May differ from valuation gains in the reporting period 
                     in certain instances due to timing differences. 
----------------    ---------------------------------------------------------- 
Valuation           Earnings or revenue multiples applied in valuing a 
multiples            business enterprise. 
----------------    ---------------------------------------------------------- 
Venture capital     Investing in companies at a point in that company's 
                     life cycle that is either at the concept, start-up 
                     or early stage of development. 
----------------    ---------------------------------------------------------- 
 
 
 
   (1) Last 12 months. 
 
   (2) As the Company changed its year end in 2010, the ten-year figures 
are for the 121-month period to 31 July 2018. 
 
   (3) Refer to Financials section on highlights page for comparative 
information. 
 
   (4) Including reinvested dividends paid in March 2018 and July 2018 
totalling 11p. Please refer to the Glossary for definition of Total 
Return. 
 
   (5) Refer to Financials section on highlights page for comparative 
information. 
 
   (6) Uplift figure excludes publically listed companies that were exited 
via sell downs of their shares. 
 
   (7) Average return from full exits on a primary investment basis, 
weighted by cost. 
 
   (8) Refer to supplementary information at the end of this review for 
breakdown of new commitments during the six months to 31 July 2018. 
 
   (9) Refer to supplementary information at the end of this review for 
comparative information. 
 
 
 
 
 
 

(END) Dow Jones Newswires

October 04, 2018 02:00 ET (06:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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